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Economics · Oct / Nov 2024 · Paper 12 · Question 20

2281Economic growth

What is the definition of economic growth?

  1. AIt is an increase in the general level of prices over time.
  2. BIt is an increase in the level of a nation's output over time.
  3. CIt is an increase in the level of total demand over time.
  4. DIt is an increase in wages, interest, profits and rent over time.

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Correct answer: B. It is an increase in the level of a nation's output over time.

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